An East Kilbride-based mortgage broker has been helping residents navigate their way through the housing market during lockdown.
The Mortgage Advice Bureau say interest in houses is building but it is more important than ever to get the right advice during these turbulent times.
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Kevin McCarthy, who grew up in the town, is the director of the Mortgage Advice Bureau based at St James Retail Centre.
The business was set up last May and has been going from strength to strength.
During lockdown the housing market slowed to a near standstill with no viewings possible, making it a difficult and worrying time for sellers, house buyers and agents.
However, Kevin said he and his team worked hard to support locals through a tough few months.
He told the East Kilbride News: “We offered a free remortgage service for clients looking to get a better deal on their current mortgage to save money each month for various reasons including furlough.
“And we also helped clients consolidate expensive debt repayments into one manageable monthly payment, savings thousands of pounds a year.
“One client saved over £700 per month on their payments and without it would have been in real trouble.”
And the team also found tailored mortgage products for clients who have been furloughed, allowing them to still move home or get on the property ladder during these uncertain times.
Kevin’s team’s local knowledge also allows them to place their clients with the right lenders for all types of properties both standard and non standard construction, which there are hundreds of in East Kilbride alone.
Kevin went on: “The property market is going through a mini boom period, once estate agents opened up again at end of June, allowing viewings to take place.
“The volume of sale and purchase of homes in East Kilbride and across Scotland has significantly increased upon levels prior to lockdown, so there are plenty of opportunities out there to find the right home at the right price.
“First Time Buyers can use the First Home Fund with as little as five per cent deposit.
“It can help them reduce their mortgage payments and get on the property ladder with the help of the Scottish government, up to 25k is available and is only repayable once you sell the property – no monthly payment or interest is charged.
“We can deal with the full mortgage process as well as First Home Fund application, taking the stress away in what can be the most important decision you’ll ever make.”
One important piece of advice is to always go to a mortgage broker first to get a decision in principle agreed so you know what your parameters are when looking at properties.
Kevin added: “Going straight to the bank may mean you miss out on exclusive rates, even with the same bank, and avoids the one size fits all approach banks take to all customers.
“We will tailor the right mortgage product for your circumstances by being able to use a variety of different lenders.”
